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MNI Europe Pi (Positioning Indicator): Shorts Returning
MNI Europe Pi (Positioning Indicator): Shorts Returning
EXECUTIVE SUMMARY:
- On balance, structural positioning has tilted toward "short" territory since our last update in late May prior to the Eurex quarterly futures roll picking up.
- German contracts came into the roll basically flat, but we've seen a "move toward short structural positioning. Conversely, OAT and BTP were long - the former is now showing structural short positioning.
- Last week saw mostly short-setting.
Full PDF Analysis:
- GERMANY: Schatz and Bobl structural positioning has moved to short vs flat going into the roll (Schatz had been short in our early May update). Bund remains flat, however, while Buxl has moved from slightly slightly short to flat. Each contract saw shorts set last week except Buxl (longs set).
- OATs have flipped to structurally short territory vs its previous position as the longest in MNI Pi, though there was some short covering evident last week.
- Gilts have descended into short territory vs flat for most of the weeks leading up to the late-May contract roll. Further shorts were set last week.
- BTP has exited the long positioning it saw for much of May (its longest stint in long territory since July 2022), and now stands at flat - however there were longs set last week.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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